Sanatana Provides Gold Rush Project Update
Vancouver, September 30, 2022 - Sanatana Resources Inc. (TSXV: STA) ("Sanatana") has renegotiated the terms of the 2022 option payment for its Gold Rush North property. Sanatana will now pay $22,500 in cash and issue 130,000 common shares of the Company (the "Gold Rush North Option Share Issuance"). Under the terms of the original option agreement, Sanatana was to pay $40,000 in cash and issue common shares of the Company with a value of $40,000 based on a share price equal to the greater of the 30-day volume weighted average price on the TSX Venture Exchange and $0.09 per share.
The Company has also issued a notice of termination regarding the Gold Rush South property, having elected not to make the 2022 option payment. The Company will no longer have an interest in Gold Rush South property and will write off the carrying value of the property.
The Gold Rush North Option Share Issuance was issued under a prospectus exemption and is subject to a hold period expiring on January 30, 2023.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company focused on high-impact properties in Canada. With an award-winning technical team and experienced management and board of directors, Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSXV: STA).
(signed) "Peter Miles"
Peter Miles
Chief Executive Officer
For additional information on the Company, please contact Mr. Peter Miles, Chief Executive Officer at (604) 408-6680 or email investor@sanatanaresources.com. To be added to the email distribution list, please email ir@sanatanaresources.com with "Sanatana" in the subject line.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements related to the Company's exploration program for Oweegee.
Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139131